May 9th, 2017 7:25 AM by Jackie A. Graves
chicken? Or the egg? Which came first continues to fuel debates. But when
it comes to home buying, which should come first? The house or the mortgage?
agree you should fit your mortgage to your finances, not to a house.
Understanding how much you can afford is key. It will not only help you
determine your price limit, but it will also help you understand if your budget
can cover a new roof or furnace in the home you may be considering. You also
need to understand whether or not you are financially prepared to cover monthly
expenses for general upkeep and utilities, which can run hundreds of dollars
Start by getting a handle on your finances. What do you earn? What do
you spend? How much do you have in savings? Answering these questions will help
you learn whether you are financially ready for a mortgage. Make a budget and
use free online tools and calculators to determine how much you can afford.
The good news for today’s borrowers is that there are mortgages available with
as little as 3% down.
Once you understand how much you
can afford, the next fit you'll have to assess is the right home for your
budget and your lifestyle. That's all about location, location, location. It's
a key factor in determining how much you can afford, how long your commute will
be, and if you'll be near good schools. Some points to consider: suburban or
urban? How close is it to your job? And is it near good schools and
public transportation? Size also matters.
Remember, getting pre–approved
before you start shopping can help you act fast and make a confident offer so
talk to your lender. Other tips for making an offer include, acting fast, making a solid
offer and being prepared to negotiate.
Continue following the Spring
Homebuying Season Blog Series and visit My Home for the full run down on all things
homebuying! Maybe you'll even end up in a new home with space enough for a
chicken or two.
Courtesy of FreddieMac - To view the original article click here